Closing Costs for Home Real Estate Transactions

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There are certain standard costs associated with closing the sale of a house. Buyers and sellers usually split these closing costs, as the sales contract specifies.

As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. Since South Coast Funding has extensive experience with mortgages and closings, we often explain the details of closing costs.

Good Faith Estimates (GFEs)

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the GFE and closing. We explain Good Faith Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.

Below is a generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs

• Various Taxes
• Costs related to "originating" your loan
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Costs
• Obtaining Your Credit Report
• Interest Payment
• Escrow Fees

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Quake Insurance if applicable

South Coast Funding can help you understand closing costs. Give us a call: 949-367-1317.